COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2010

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Note 22 - Commitments and Contingencies

Lease commitments

The Company has entered into several tenancy agreements for the lease of land and equipment for the purpose of its gas stations. The Company's commitments for minimum lease payments under these operating leases for the next five years and thereafter as of September 30, 2011 are as follows:

Period ended December 31,
2011	$	201,070
2012		246,206
2013		153,482
2014		145,334
2015		112,149
Thereafter		487,739
Total	$	1,345,980

Guaranty contingency

On May 18th, 2011, Anyang Top Energy Green Resources Co., Ltd ("Anyang Top") signed a Guaranty Agreement (the "Guaranty") with Zhengzhou Hengrun Energy Co, Ltd ("Zhengzhou Hengrun"), an unrelated party, to become the guarantor with respect to a RMB 25.9 million (approximately $3.98 million) capital lease. The lessor is Zhongji Vehicle leasing Co., Ltd. ("Zhongji"). According to the Guaranty, Zhengzhou Hengrun will start to lease the equipment from August 24th 2011, if Zhengzhou Hengrun fails to pay the monthly rent RMB 719,847.2 (approximately $111,360) by the 25th of each month from September 2011 to August 2014, Anyang Top is obligated under the Guaranty to make the required monthly payments. The maximum potential amount of future payments that Anyang Top would be required to make under the Guaranty is RMB 21.6 million (approximately $3.34 million). There are no recourse provisions that would enable the Company to recover from third parties and no assets held as collateral by the Company or by third parties that, upon the occurrence of a triggering event or condition under the Guaranty, the Company can obtain and liquidate to recover all or a portion of any amounts paid by Anyang Top under the Guaranty.